Millions of Euros for an up-and-coming EV OEM. . .

Although the classic Silicon Valley origin story has it that someone comes up with something in a garage and the rest is history, that story occurs in other parts of the world, as in Croatia.

There, a 21-year-old Mate Rimac in 2009 thought about the prospect of developing an electric supercar.

In 2011 he started Rimac Automobili.

And today Porsche announced that it was investing an additional 70-million Euro in the company so that it now owns 24% of Rimac Autmobili.

In 2019 Hyundai Group invested 80-million Euro in the company, so it, too, owns a chunk.

It is somewhat surprising to think that a small company could become important to larger OEMs.

Perhaps more surprising are comments from Lutz Meschke, deputy chairman of the executive board and member of the executive board for Finance and IT at Porsche: “Mate Rimac inspires us with his innovative ideas.”

Yes, a finance guy talking inspiration.

Meschke went on to note, however, “Our investment in the company has turned out to be absolutely right. Rimac’s value has increased many times since our initial investment.”

Porsche bought 10% in 2018.